However, gold reserves, which form part of the foreign exchange kitty, increased by $1.2 billion to $69.8 billion during the week, according to the central bank.
There has been a surge in gold buying amid geo-political tensions. According to industry experts, gold is now acting as a hedge against US economic sanctions too, traditionally being a safe haven asset and as a hedge against inflation. Despite inflation being moderated, gold has rallied to new highs. The share of gold in the country's forex reserves has also surged more than 210 per cent since 2018.
This story is from the November 09, 2024 edition of The Statesman.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 09, 2024 edition of The Statesman.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Starc About To Become 4th Aussie To Achieve Massive Milestone
As Team India takes on Australia during the fourth Test of the series at the Boxing Day Test, they would have to be cautious against lethal left-arm pacer Mitchell Starc, who is not only in a fantastic form in the series but is also approaching a big milestone.
Ponting optimistic about uncapped Australia opener
Former Australia skipper Ricky Ponting believes 19-year-old rookie opener Sam Konstas has what it takes to make a mark in the remaining Border-Gavaskar trophy Tests against India.
Bumrah equals Ashwin's India record after Brisbane exploits
India's pace spearhead Jasprit Bumrah has achieved the joint-highest rating ever by an Indian player, equalling the record rating points held by recently-retired spinner Ravichandran Ashwin, and the 31-year-old has the chance of going one better during the upcoming Melbourne Test.
BGT: India, Australia gun for series lead in Boxing Day Test
With the series locked 1-1, the fourth contest at the MCG is expected to see some exciting cricket
Not really child's play
The proliferation of kidfluencers raises legal and ethical questions, says Irmine Keta Rotimi
Need for Judicial Introspection
The tragic tale of Atul Subhash must lead to judicial and legal reforms, says Ravi Kumar Gupta
Lady Justice wears a uniform
Trial of civilians in military courts raises questions of fairness and transparency, argues Zahid Hussain
Year Ender 2024: Speedy processing of returns to amendments in GST
The year 2024 saw the Central Board of Direct Taxes (CBDT) prioritising the speedy processing of returns and refunds, with over Rs 2.35 lakh crore refunded and more than 3.87 crore Income Tax Returns (ITRs) processed within 7 days.
Indian Markets to Deliver Positive Returns for Ninth Year in a Row, Outperform US
Driven by strong fundamental and robust economic growth, the domestic benchmark indices are set to give positive returns in 2024 for the ninth consecutive year.
Not Only India, US, China, and Canada Also Fined Deloitte for Violating Audit Standards
Global audit firm Deloitte has been fined about Rs 2 crore by the National Financial Reporting Authority (NFRA) for alleged lapses in auditing Zee Entertainment Enterprises Ltd (ZEEL).
